Setting up a Credit Card repayment plan

With PocketSmith you can set up a plan to repay your credit card, no matter how far into debt you are. This quick tutorial will run through the steps for setting up a payment plan to get your credit card paid off.

1.	Set up a Credit Card forecast calendar, as per Using multiple calendars
2.	Add Expense events (see Introduction to the event window) to your new Credit Card calendar to represent items that you pay from your credit card on a regular basis (for example, you may pay your utilities bill using your credit card)
3.	Set up a transfer event representing your level of repayments to your Credit Card on a regular basis (see Setting up Transfer Events). These are represented in the image on the right – (a) represents the expense coming from the default / Current account calendar, and (b) represents the income coming into the Visa calendar.
4.	View the ongoing balances of your credit card for the coming months within your Credit Card calendar’s view (see Changing the Calendar View – Date and Calendar) and adjust the repayment levels to suit your situation (see Editing an event)

With these items in place: (a) Credit Card forecast calendar, b) current Credit-Card-paid expenses, and c) a repayment transfer from your ‘main’ forecast) you are able to have foresight into how quickly you are able to pay off that credit card!

Video Demonstration